Lawmakers eye super committee

Publicly, most lawmakers say they have no desire to be named to the so-called super committee tasked with finding an additional $1.5 trillion in cuts to the deficit by Thanksgiving. But behind the scenes, some are already beginning to jockey for seats on the 12-member bipartisan panel, which many see as a historic opportunity to overhaul the Tax Code and entitlements.

In the Senate, some potential candidates will soon begin to interview with leaders, who under debt-limit legislation will have the power to appoint members to the committee, comprising an equal number of Democrats and Republicans and balanced representation from the House and Senate.

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POLITICO 44

And unlike other presidential blue-ribbon commissions and ad hoc panels, this joint select committee has the teeth to do something big to slash the deficit.

“If you’re someone who fancies themselves a vice presidential candidate or reformer, jumping on this committee can be seen as an important way to build your bona fides on entitlement reform,” said one Senate GOP aide who’s studied the legislative language creating the committee. “This is an attractive opportunity for a lot of Republicans.”

The committee sits at the heart of the debt-limit compromise brokered by President Barack Obama and congressional leaders this week and borrows loosely from the 2005 presidential commission that recommended the closure of more than 30 military bases around the country.

Under the legislation, Obama will be allowed to raise the debt ceiling by $900 billion, linked with roughly $1 trillion in upfront cuts to discretionary spending over the next decade. Obama can raise the debt limit an additional $1.5 trillion if Congress sends a constitutional balanced-budget amendment to the states for ratification. Or he can raise it between $1.2 trillion and $1.5 trillion if the new deficit committee puts forth a plan exceeding $1.2 trillion in savings that clears Congress.

Language in the legislation requires leaders in the House and Senate to bring the package to the floor of each chamber — without an opportunity for amendments. And only a simple majority would be needed to pass the legislation.

But if the committee fails to present a deficit-reduction package by Nov. 23, the day before Thanksgiving, or if Congress deadlocks and fails to pass the plan or enacts less than $1.2 trillion in cuts by Dec. 23, across-the-board spending cuts would be triggered to make up the difference between the committee number and the $1.2 trillion savings goal. Those automatic cuts would largely affect defense spending, a top priority for Republicans, and Medicare, a favorite program of Democrats, creating a strong incentive for both parties to reach a deal and pass the bill.

Cautionary Note: If we up the Age of Retirement then we must also make provisions for those jobs wherein workers get old early (IE ditch diggers are old at 55) -OR- our social security disability rolls grow (negating the impact of that action.)

The goal of the committee will not help but hurt economic growth in the short run. Once we get the economy hiring and growing again, our deficits magically shrink. In fact, if our richest citizens and corporations paid the same tax rates they paid under the last year of the Eisenhower presidency, we would have no deficit at all. Tax reform in this special joint committee will probably lock in tax rates for the richest at a ridiculously low level. The growing gulf between our richest and the rest of US has got to be shrunk. We should tax the first million in annual earnings at least 40%. The next five million should be taxed at, say, 60%. Anything after that should be taxed at 80% (or in that neighborhood). Most Americans might say what's the point of graduated taxes on earnings over a million dollars? Most people don't make that kind of money. That's true, most don't. It will affect only a small group of people, but some of those make hundreds of millions each year and taxing them heavily with reduce the wealth gap and provide increased treasury to better provide needed services to all of US. But don't look for this to happen; look for those rich enough to hire a fleet of lobbyists to rig the committee results so that the richest citizens and the biggest corporations get the sweetest deal, while the rest of US have to pay for it.

Isn't it ironic that they are creating a special joint committee out of their concern for deficits, but the Republican leadership is releasing the House members for a FIVE WEEK vacation before passing an extension to the FAA? As a result, the FAA has lost some $210 million in revenues last week and will lose as much every week it doesn't have its extension. Bu the time House members get back and settled in and squabble and perform their political theatricals, expect US to lose a billion dollars in FAA revenue, thanks to Republicans and their real indifference to debt. The Senate, meanwhile, is staying in town to try to pass the FAA bill, but what good will it do if the House isn't here to pass it too? Not only are we losing all that revenue, but thousands have been thrown out of work because FAA construction projects have been suspended until the bill is passed and signed by President Obama. (Where is his voice on this matter? Where is his leadership? AWOL, that's where.) Republicans have hijacked yet another bill and are costing US dearly. Republicans have become terrorists and they are not only threatening to do great harm to our country if they don't get their way, they ARE doing great harm.

Republican leadership is releasing the House members for a FIVE WEEK vacation before passing an extension to the FAA? As a result, the FAA has lost some $210 million in revenues last week and will lose as much every week it doesn't have its extension

A "super committee consisting of super rich members of an elite ruling class, appointed by a charismatic leader and "party" leaders will appoint a panel to come up with a final solution to a "crisis" that they created, this panel will have full authority to engineer a new economy and tax code. Elected members of congress will get no input and the one vote that they do get will be under threat of complete economic failure an " or else" clause.

I wonder if this has ever been tried by humans before, I wonder how that worked out?

Why not pick all, or least half of the members of this new group from outside the "beltway"? I would love to see David Walker serve on this group, or better yet, chair the entire group.

Another option would be to merely tell the group to use the Bowles Simpson package, or the G6 package as their agenda, and come forth with suitable legislation to meet those objectives. That would give the President an out for just putting both packages on the shelf after they were presented.

Whoever is on the Super Committee, how about committing to 100% transparency?

Both the CR and the debt ceiling ''outcomes'' involve a lot of smoke and mirrors, which makes all the political posturing and bloodletting all the more pointless. Might be why public disapproval of Congress is up to 82% with just 14% approving.

Prohibit closed door caucuses, private negotiations, and last minute deals. Pass all proposals through CBO before they are discussed--there is plenty of material to work with from Bowles-Simpson, Committee for a Responsible Federal Budget, Ryan Budget, and so on.

Everything in the open on C-SPAN and live streaming. Proposals on-line, written in plain language with clear graphics (this stuff does not require calculus).

Use the Thanksgiving deadline as a teachable moment. When serious discussions begin, have the debates and votes on-line for all to see and review. Provide some social media tools to gather public comment.

With a stumbling economy, the last thing we need is another protracted political ****ing match that accomplishes nothing. Put it out in the open, cut through the fog, and give the American people a chance to speak their mind about what the future can be.